Animoca Brands Joins ZetaChain, Backs NFTs Over Meme Coin Hype

• Animoca Brands Chairman Yat Siu addresses the rivalry between NFTs and meme coins.
• The company partners with ZetaChain, becoming the blockchain’s latest validator.
• Siu says that the non-fungible nature of NFTs keeps them unique in the industry.

Animoca Brands chairman Yat Siu believes NFTs have staying power, even during the current meme coin craze. Siu shared his insights at the Foresight 2024 event , highlighting the unique value of NFTs for building reputation in the Web3 space. Siu’s comments also coincided with Animoca Brands’ strategic partnership with ZetaChain , with Animoca becoming the latest validator on the blockchain.

During the event in Hong Kong, Siu shared insights on the rivalry between NFTs and meme coins. He believes the “non-fungible” nature of NFTs is what sets them apart from the rest of the crypto entities. However, acknowledged that meme coins, while fungible, have gained a solid footing in recent years.

Reflecting on the influence of meme coins among political figures and celebrities, Siu suggested  that these assets play a role in cultural expression. He also noted the shift from thousands of daily NFTs launches now being replaced by a surge in meme coin creations. Despite this, he pointed out that NFTs would ultimately prevail as they are important for reputation.

In a subsequent development, Animoca Brands announced its alliance with ZetaChain, the first universal blockchain, via an X post on August 13. The joint venture aims to bring seamless multi-chain connectivity and broader crypto adoption to the industry. Siu shared the excitement on the partnership stating:

“We are excited to partner with ZetaChain and become a validator of this first universal blockchain, helping make multi-chain connectivity more seamless. This collaboration furthers our mission to drive innovation and decentralization across the broader Web3 ecosystem.”

During the Foresight 2024 event, Siu also stressed on the importance of Web3 for reputation management. He observed many in the industry are still to recognize their Web3 persona as a reflection of their reputation. He added that as Web3 develops, users will definitely identify its worth, where NFTs will play an indispensable role.

Notably, one of the key goals of the Animoca Brands-ZetaChain alliance is on tackling crypto fragmentation. They are working to develop Universal Apps that could enable easy access to native assets and data across multiple blockchains, aiming to enhance the Web3 sector at the same time address its current challenges.